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Nov 14, 2012
11/12
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somebody is going to have to blink or we go over the fiscal cliff. my next guest knows all about fiscal cliff uncertainty and its effect on the individual investor. walter bettinger is ceo of charles schwab. the market certainly feels pessimistic. we are looking at another 200-point decline today. the market is down 5% since the president was re-elected. what are you hearing from clients? >> clients are really concerned. there is pessimism among investors. there's great uncertainty. we have a lack of confidence. they're looking to washington for leadership to address meaningful issues. right now they're doubtful they're going to see it. >> right wha do you think it's going to take to get the vej back into this market? the individual, i feel like, has been gone for a little while now. >> 10, 12 years it feels like. >> it really does. >> i think it's going to take a settlement in washington. it's going to take compromise. it's going to take a belief that we're actually on a path as a country from a fiscal stand point that is reasonable, that is sustain
somebody is going to have to blink or we go over the fiscal cliff. my next guest knows all about fiscal cliff uncertainty and its effect on the individual investor. walter bettinger is ceo of charles schwab. the market certainly feels pessimistic. we are looking at another 200-point decline today. the market is down 5% since the president was re-elected. what are you hearing from clients? >> clients are really concerned. there is pessimism among investors. there's great uncertainty. we...
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Dec 5, 2012
12/12
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president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what this is all about. t
president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best...
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Nov 15, 2012
11/12
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i'm worried about aborting this fiscal cliff. the same decision based president two years ago. and he agreed to extend what is now the bush and obama tax rates. particularly for small businesses, it is critical that we don't raise their taxes when we are asking them to create jobs. the american people and the election did not give them a mandate to raise taxes. gerri: that is the source of the huge disagreement. >> at the end of the day, they returned a strong majority to the republicans had a house where they gave the president a narrow 51% margin of victory. that is not a mandate. most folks that were polled do not want to raise taxes to reduce the deficit. that is pretty clear. what they want to do is make sure that we have more jobs. gerri: one more question. john boehner, he said it's going to take a long time to work this out. let's keep in mind here that will cost every american family $3500. what can you do by december 31? >> well, we can pass the republican bill that came through the house that is sitting in the senate. the economy is still going the wrong way. we have
i'm worried about aborting this fiscal cliff. the same decision based president two years ago. and he agreed to extend what is now the bush and obama tax rates. particularly for small businesses, it is critical that we don't raise their taxes when we are asking them to create jobs. the american people and the election did not give them a mandate to raise taxes. gerri: that is the source of the huge disagreement. >> at the end of the day, they returned a strong majority to the republicans...
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Jun 4, 2012
06/12
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or would that speed up the nation's fall off the fiscal cliff we've been talking about? and the senate votes tomorrow on a bill aimed at closing the gender pay gap. we will hear from one woman that says this is actually bad for both business and female workers. maria and i will see you at the top of the hour for "closing bell" as we turn positive here. anything's possible during that last hour. we'll see you then, mandy. >> sure is. i'll join you at the top of the hour as well. the sharp pullback in stocks recently has investors seeing red. should you be hanging your money on the wall instead? last month you might remember "the scream" sold for a record breaking $120 million. our next guest says the market is outperforming the s&p 500 so far this year. joining us is professor at the nyu school. based on history, am i better off putting my money in art right now than the stock market? >> well, it's hard to predict the future. >> yes, but historically. >> if we look historically over the last ten years, art has certainly outperformed the s&p. if your history is 25 years, t
or would that speed up the nation's fall off the fiscal cliff we've been talking about? and the senate votes tomorrow on a bill aimed at closing the gender pay gap. we will hear from one woman that says this is actually bad for both business and female workers. maria and i will see you at the top of the hour for "closing bell" as we turn positive here. anything's possible during that last hour. we'll see you then, mandy. >> sure is. i'll join you at the top of the hour as well....
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Nov 7, 2012
11/12
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we have the fiscal cliff and we still have the jobless rate at unacceptedly high levels. what do you do with your snn. >> while the electorate, citizens care about jobs, the market really cares about economic growth and profits. i think that what the story to me that's most important today is how low yields have moved. that's the market telling you that we have a growth problem and that's not going to be good for profits. you need 1.5% gdp in order to get any growth in profits at all and the market is not that much ahead of that 1.5% gdp number. >> you don't view the movement of the bond market as a fear trade today or is it a little bit of that as well? >> it is a little bit of that. but if it was really a fear trade, you'd also see gold rising as well as money would move there as well. i look at those in combination, see is it growth or is it fear, today i think it is growth. >> stay with us, jonathan. we'll talk more about that and the fiscal cliff. it is obviously back in focus. our next guest, senator pat toomey, republican from pennsylvania. jonathan, start us out.
we have the fiscal cliff and we still have the jobless rate at unacceptedly high levels. what do you do with your snn. >> while the electorate, citizens care about jobs, the market really cares about economic growth and profits. i think that what the story to me that's most important today is how low yields have moved. that's the market telling you that we have a growth problem and that's not going to be good for profits. you need 1.5% gdp in order to get any growth in profits at all and...
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Nov 28, 2012
11/12
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if we go over the fiscal cliff at the end of the year, that tax rate on dividend goes from 15% to just over 43%. i think it is safe to say that there is bipartisan support among investors and shareholders for those special dividends now and not seeing that dividend tax rate skyrocket after the end of the year. >> it does seem to make sense. hampton pearson, thank you very much. >>> now, let's get back to our recovery road trip to atlanta where we find you once again, brian. >> thanks, mandy. in fact, the ceo of the company we're going to speak with right now just raised their dividend a couple of weeks ago by 50%. that is null rewell rubbermaid, of the five best performing in the atlanta intext. michael polk, thanks for coming on cnbc. you guys raids tsed the divident heading towards the end of the year, any thoughts of a one-time special big dividend? >> i don't think we'll go down that paths. of course that's the board's -- at their discretion. i doubt they'd choose to do that. we increased the dividend 50%. it is the second dividend increase we've taken this year. >> when you took o
if we go over the fiscal cliff at the end of the year, that tax rate on dividend goes from 15% to just over 43%. i think it is safe to say that there is bipartisan support among investors and shareholders for those special dividends now and not seeing that dividend tax rate skyrocket after the end of the year. >> it does seem to make sense. hampton pearson, thank you very much. >>> now, let's get back to our recovery road trip to atlanta where we find you once again, brian....
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Dec 11, 2012
12/12
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whatever happens on the fiscal cliff, whatever they get their act together to do, two things will happen. tax rates will go up on capital gains and dividend. etfs or more tax efficient, more people will follow into that place. i also think some people trapped in mutual funds because they have low tax basis will do tax gains harvesting, realize their gains, pay 15% and move that money finally into cheaper, more tax efficient and better profits etf has to offer. >> trader talk column, trader talk cnbc.com in a few moments. that's what's hot, etfs. back to you. >> we look forward to that very much. thanks, guys. gold market selling off a little bit. at the close, sharon epperson tracking the action at the nymex. moving into stocks and out of the metals. >> they are. we're seeing a little bit of weakness in the gold futures price. gold etfs held up steadily over the last several weebs as well as record levels, in fact. in term of the flat price we are looking at 1710, down $4. investors say they are waiting, waiting to see what comes out of the fed meeting tomorrow. because of that, that is
whatever happens on the fiscal cliff, whatever they get their act together to do, two things will happen. tax rates will go up on capital gains and dividend. etfs or more tax efficient, more people will follow into that place. i also think some people trapped in mutual funds because they have low tax basis will do tax gains harvesting, realize their gains, pay 15% and move that money finally into cheaper, more tax efficient and better profits etf has to offer. >> trader talk column,...
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Nov 14, 2012
11/12
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the fiscal cliff may be solved and interest rates, as you say, may indeed go up. >> true. munis are a whole different story. they'll suffer but not as much because of the tax-free nature. if you buy them by themselves, they'll mature. bond funds have no maturity and therein lies the problem. >> thank you, mr. clark. to summarize, go short duration if you're in a fund and try to hedge it with an etf. carl, back to you. >> good advice. european close coming up after a break. don't go away. future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> the european markets are closing now. >> not only a sea of red, simon, but a lot of data out of europe that wasn't encouraging either. >> that's true. for many in financial markets, also the turmoil you see on the st
the fiscal cliff may be solved and interest rates, as you say, may indeed go up. >> true. munis are a whole different story. they'll suffer but not as much because of the tax-free nature. if you buy them by themselves, they'll mature. bond funds have no maturity and therein lies the problem. >> thank you, mr. clark. to summarize, go short duration if you're in a fund and try to hedge it with an etf. carl, back to you. >> good advice. european close coming up after a break....
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Dec 9, 2012
12/12
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cliff that's coming in a couple of weeks. >> so you know what both sides are saying? the president is saying there's no way to make the math work. without raising the rates for the top income earners and that the republicans should give on this. >> yeah. >> do you think he's right? >> well, i understand that position, that was the position he took during the campaign. but what has to happen in my view, you've got to have everything on the table, you have to have revenue increases. now how you get those to revenue increases was an item of discussion during the campaign, and it's an item more negotiation, i for one think you can get there by eliminating and broadeninging the tax base which eliminating loopholes and deductions. the truth of the matter is that we're not undertaxed as americans, we overspend. i think everything would agree that we overspend that's why we have this debt to gdp of 100% as far as the eye can see absent policy changes, so whatever you do, you first have to agree what the level of debt to gdp ought to be. and there will be a debate about that b
cliff that's coming in a couple of weeks. >> so you know what both sides are saying? the president is saying there's no way to make the math work. without raising the rates for the top income earners and that the republicans should give on this. >> yeah. >> do you think he's right? >> well, i understand that position, that was the position he took during the campaign. but what has to happen in my view, you've got to have everything on the table, you have to have revenue...
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Nov 16, 2012
11/12
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fails to come to an agreement on the fiscal cliff, the u.s. unemployment rate will top over 9% in 2013. ♪ ♪ ♪ [ male announcer ] 'tis the season to discover the kid in all of us. the memories that last, start with the gifts that last. ♪ enjoy free shipping and great values on your holiday shopping from l.l.bean. [ female announcer ] today, it's not just about who lives in the white house, it's about who lives in the yellow house, the green, and the apartment house, too. today we not only honor the oval office, but we honor the cubicle, and the home office as well. because today it's about all of us. and no matter who you are, you're the commander-in-chief of your own life. ♪ >>> collection this out. mike tyson touring australia this week at a media event. famous tough man seemed a little bit scared. a zookeeper went to give him a koala bear, and iron mike didn't seem to want to have any part of it whatsoever. i'm not surprised why he's -- they have sharp claws and sharp teeth. >> mike tyson in the "hangover," didn't he have white tig
fails to come to an agreement on the fiscal cliff, the u.s. unemployment rate will top over 9% in 2013. ♪ ♪ ♪ [ male announcer ] 'tis the season to discover the kid in all of us. the memories that last, start with the gifts that last. ♪ enjoy free shipping and great values on your holiday shopping from l.l.bean. [ female announcer ] today, it's not just about who lives in the white house, it's about who lives in the yellow house, the green, and the apartment house, too. today we not...
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Nov 30, 2012
11/12
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it is more a fiscal mole hill next year than a fiscal cliff. but offsetting that is an economy which is firing on many more cylinders than it was a year ago. employment rate's coming down. bank lending rising, housing activity going up, confidence is down, debt burdens are down. in addition there is a lot of stimulus. money supply is growing rapidly. record low mortgage rates. we have the dollar down. we got gas prices falling at the pump for the holiday season. we've got inflation decelerating from where it was helping real incomes. i'm seeing a lot of evidence of china showing signs of new acceleration. we might get the emerging world doing better next year. we've certainly calmed down concerns about the eurozone. so i think there's a real case that we grow 3%, the emerging world picks up, and the valuation on equities rises -- >> even if we don't get a deal in taxes? we hear that the average family will pay $1,200 more in taxes over the year and it is going to doom the economy. it's instant recession. >> well, there's no doubt if we have com
it is more a fiscal mole hill next year than a fiscal cliff. but offsetting that is an economy which is firing on many more cylinders than it was a year ago. employment rate's coming down. bank lending rising, housing activity going up, confidence is down, debt burdens are down. in addition there is a lot of stimulus. money supply is growing rapidly. record low mortgage rates. we have the dollar down. we got gas prices falling at the pump for the holiday season. we've got inflation decelerating...
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Nov 16, 2012
11/12
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that allows them to avert the fiscal cliff, just push it out five years, get that out of the way. that's a blunt unhelpful instrument. then get serious about what's the budget going to be for the rest of the fiscal 2013. tax rates for 2011. all those provisions expired last year. 2012 provisions. get those and then come back right after the first of the year and get the rest of these pieces in place. that's what the country really needs. that will give us a degree of certainty. they've got a whole lot of other things to work on after that that are what i call the growth agenda, but let's get the fiscal house in order and then we can pay our bills and we can plan for the future. >> governor engler, should the fiscal house have tax hikes? >> by that i mean the nation really having a trajectory so we're not putting trillion dollar deficits on the book year after year, so we can actually have an annual budget. the governors in both parties are meeting i think right around now and they're balancing budgets at the state level. they're making hard choices. washington has to do the same t
that allows them to avert the fiscal cliff, just push it out five years, get that out of the way. that's a blunt unhelpful instrument. then get serious about what's the budget going to be for the rest of the fiscal 2013. tax rates for 2011. all those provisions expired last year. 2012 provisions. get those and then come back right after the first of the year and get the rest of these pieces in place. that's what the country really needs. that will give us a degree of certainty. they've got a...
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Nov 28, 2012
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. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rally in early 2013. then you're left with the real facts, that we're massively accumulating debt. interest rates are artificially low at 0%. >> and we've known that. >> and we're counterfeiting money like crazy. that is not the way to build an economy. i mean, come on. how sustainable is this economy? really? >> we got it. you're right. >> did i make my point clear? >> you never know what he's thinking. >> it's the phoney recovery. it's built on an adjustable rate mortgage. an interest rate shock. when it comes out, it's going to wipe out the solvency of this nation. >> that may be the case. everything you say may be right, but the bottom line is i want to know what the stock market is going to do as a result. the fed is printing money. they're going to print more. if you think there's going to be qe-4, why wouldn't the stock market go up? >> because blowing up the amount of base money isn't enough to get the monetary aggregates growing. you need somebody to borrow that money.
. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rally in early 2013. then you're left with the real facts, that we're massively accumulating debt. interest rates are artificially low at 0%. >> and we've known that. >> and we're counterfeiting money like crazy. that is not the way to build an economy. i mean, come on. how sustainable is this economy? really? >> we got it. you're right. >> did i make...
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Dec 3, 2012
12/12
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going off that fiscal cliff. to this point most of the conversation has been focused on what happens in january, and for good reason. there's no deal in congress. tax rates go up for a lot of folks, all americans. and a $1.2 trillion worth of defense and spending cuts will be automatically enacted. excuse me, that fiscal cough i told you about. the alternative minimum tax kicks in and put it all together and the results are pretty. the economy would contract by half a percent in 2013. unemployment would raise to 9.1% and the economy would experience what cbo said would be judged as a recession. but after that, then things start to look pretty good. the cbo says after next year by the agency's estimates economic growth will pick up. the labor market will strengthen returning output to its potential level. 5.5% by 2018. essentially if no deal is struck, the federal government would be forced to do what it's refused to do willingly, make dramatic changes in taxes and spending. if those changes happen automatically,
going off that fiscal cliff. to this point most of the conversation has been focused on what happens in january, and for good reason. there's no deal in congress. tax rates go up for a lot of folks, all americans. and a $1.2 trillion worth of defense and spending cuts will be automatically enacted. excuse me, that fiscal cough i told you about. the alternative minimum tax kicks in and put it all together and the results are pretty. the economy would contract by half a percent in 2013....
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Dec 2, 2012
12/12
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it's 30 days and counting until we go over the fiscal cliff. >> the president is demanding higher tax rates. congressional republicans want deeper spending cuts and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we will ask the two men at the center of the negotiations where we really stand. for the president, treasury secretary timothy geithner. for the gop house speaker john boehner. geithner and boehner only on fox news sunday. plus, we've seen this movie before. the two parties edging closer and closer to the brink. we will ask our sunday panel whether we will get a happy ending or an economic disaster. and our power player of the week. a young beauty queen has to make a tough choice. all right now on fox news sunday. >> hello again from fox news in washington. well, we had quite a day around here friday with talks to avoid the fiscal cliff deadlock, and everyone saying the other side is to blame, pressure secretary geithner scheduled a ground of interviews. then friday afternoon, speaker boehner's office call
it's 30 days and counting until we go over the fiscal cliff. >> the president is demanding higher tax rates. congressional republicans want deeper spending cuts and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we will ask the two men at the center of the negotiations where we really stand. for the president, treasury secretary timothy geithner. for the gop house speaker john boehner. geithner and boehner only on fox...
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Dec 11, 2012
12/12
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speaspeaker they begin now untie are near the fiscal cliff. mortgage rates three and a quarter percent. buyers have been on the sidelines for five years and anxiously been waiting for better news, more consumer confidence to come back out. we had a great spring selling season. now we are selling into the winter. it all feels good. liz: that doesn't usually happen with this much muscle. are there any log jams, or our would-be buyers getting the credit they need to buy the homes? >> our clients can get mortgages. our buyers tend to put a lot more money down. they mortgage a lot less, very high credit ratings. we are not seeing that problem at all. lower price point a little bit of a problem but it is getting better. liz: when you look at parts of the business that have done well. the analyst has taken a bit of a back seat to the actual lending business creating a cash cow for a lot of you guys. how is that doing and we understand the margins are very healthy for a lot of these names that are out there? >> our service is toll brothers, the only c
speaspeaker they begin now untie are near the fiscal cliff. mortgage rates three and a quarter percent. buyers have been on the sidelines for five years and anxiously been waiting for better news, more consumer confidence to come back out. we had a great spring selling season. now we are selling into the winter. it all feels good. liz: that doesn't usually happen with this much muscle. are there any log jams, or our would-be buyers getting the credit they need to buy the homes? >> our...
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Nov 8, 2012
11/12
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but you can say you are freaked out about the fiscal cliff, higher dividend or capital gains tax rates or maybe even greece. but are these really reasons not to own stocks? let's bring in craig hodges, co-portfolio manager of the hodges fund, as well as peter tuse. if capital gains rates go up in january, why wouldn't i buy stocks aggressivelily now and sell toward the end of the year? why sell now? >> there's a lot of cross currents. people are positioning. i think that's what you're seeing in the market, is people positioning for i guess the new world and it is likely that the -- that capital gains and dividend taxes are going to go up. we've talked at the hodges funds to several of our companies and a lot of them are actually having special meetings between now. a lot of them schedule them for right after the election to actually have a dividend strategy for the remainder of the year. if you're sitting on a lot of cash and you eventually want to return it to shareholders between now and december 31st is the time to do that. i think you'll see a lot of special dividends between now a
but you can say you are freaked out about the fiscal cliff, higher dividend or capital gains tax rates or maybe even greece. but are these really reasons not to own stocks? let's bring in craig hodges, co-portfolio manager of the hodges fund, as well as peter tuse. if capital gains rates go up in january, why wouldn't i buy stocks aggressivelily now and sell toward the end of the year? why sell now? >> there's a lot of cross currents. people are positioning. i think that's what you're...
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Dec 3, 2012
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john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a tradable sort of angle. here's the one possibility that i have. even regular dividend payers sometimes when the x difficult tend date comes they adjust to the downside more so than the dividend even was. to me it seems like it is almost worth being short these special dividend payers into the x dividend day. i'm not because it seems dangerous to me. >> jim, we'll be back with you shortly. >>> now to bertha coombs with a "market flash." >> watching shares of aol. the "wall street journal" naming some unnamed sources say that its chief marketing officer will be parting ways with the company. what's interesting, sh
john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a...
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Nov 26, 2012
11/12
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also following a trend we're watching very closely been closer to the fiscal cliff seen tax rates increase. weight watchers international latest company to declare their dividend and to pay it early. it will pay it out normally they pay the dividend in january but they will have an acceleration of placement of the regular quarterly dividends for the fiscal quarter usually paid out in january, the same amount as always. $0.7.5 per share. normally shareholders would pay a lower tax bracket if we saw the rising cost of oil. david: we're about to see a lot of activity. also expected to see, for example, cases in which people who have been giving out dividends thinking of increasing dividends are buying back their stock instead because the tax penalty for that is a lot less than what it could be. liz: you are seeing the stock altered, shares ending lower. on the floor of the new york stock exchange, some of this obviously they did not go to enough of the movie. nicole: the five day weekend is actually a box office winner. record-setting winner. $290 million. you know what did not participate in
also following a trend we're watching very closely been closer to the fiscal cliff seen tax rates increase. weight watchers international latest company to declare their dividend and to pay it early. it will pay it out normally they pay the dividend in january but they will have an acceleration of placement of the regular quarterly dividends for the fiscal quarter usually paid out in january, the same amount as always. $0.7.5 per share. normally shareholders would pay a lower tax bracket if we...
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Dec 28, 2012
12/12
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>>> what does sex have in common with the fiscal cliff? i'm now for the sidebar. america's most famous sex therapist is weighing in on the stalled attacks. here's her take on this. members of congress who can't compromise probably aren't good lovers, sex requires give and take. allen west is one of hose members at least for the next few days. it is month surprise the republican from florida is criticizing the president. >> what the president is propose sing not rag mattic and it is a reflection of him living in some type of fantasy world. >> don't expect to see michelle obama's name on ballot any time soon. at least not according to david axelrod. >> you know, i think she sees her role much more as a private role. she's done a wonderful job with her kids. she will find ways to make contributions, i'm sure, but the last thing i think she would do is run for public office. >> the white house is getting flooded with requests to legally recognize the baptist church as a hate group. we the people petition already has more than 288,000 signatures. the kansas based group
>>> what does sex have in common with the fiscal cliff? i'm now for the sidebar. america's most famous sex therapist is weighing in on the stalled attacks. here's her take on this. members of congress who can't compromise probably aren't good lovers, sex requires give and take. allen west is one of hose members at least for the next few days. it is month surprise the republican from florida is criticizing the president. >> what the president is propose sing not rag mattic and it...
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Dec 8, 2012
12/12
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but democratic leader nancy pelosi says the problem goes beyond the fiscal cliff debate. >> our economy is moving forward, but it could be growing at a faster rate. the republican leadership had taken up and passed some of president obama's job initiatives including the american jobs act and had passed the middle income tax cut. >> so let's cut to the chase. one of those congressional members is lying. either the republicans are right on cutting taxes on small business also add jobs, or the president's stimulus policies are fuelling the economic recovery in this country. joining me tonight to sort out the facts, david cay johnston, pulitzer prize winning journalist and author of "the fine print. let's start with the job growth. unemployment hit rock bottom near the beginning of the -- under the bush administration. you can see this right here. and this of course the changing the color here is when president obama took over in january of '09. who is responsible for this turnaround? >> absolutely the president. and it would be a better turnaround if the republicans had allowed a bigger st
but democratic leader nancy pelosi says the problem goes beyond the fiscal cliff debate. >> our economy is moving forward, but it could be growing at a faster rate. the republican leadership had taken up and passed some of president obama's job initiatives including the american jobs act and had passed the middle income tax cut. >> so let's cut to the chase. one of those congressional members is lying. either the republicans are right on cutting taxes on small business also add...
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Aug 2, 2012
08/12
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michael you think interest rates will spike if they don't address the fiscal cliff. >> that's right, it's a ticking time bomb, and it's going to happen. we have an adjustable rate mortgage on our debt and it will reveal the invalolinsolvency of nation. we have 16 trillion in gross national debt, and it's growing by $ 1 trillion ever year. that's 50% of our revenue. >> and you're not hearing any lip on the issue unfurniturely in washington. >> bill, let me ask you about investing today, ho u are you allocating capital? >> i'm certainly not hoping for a weak job's numbers that will make qe 3 come sooner. we need job creation. right before the 4:00 bell we were talking about stagnant growth since 2007. we can talk all day about how we're going to get there, that is the nub, but to hope that we have a bad jobs number so we get more adrenaline of drugs into the market is ridiculous. >> okay, so how are you investing then? >> i think investing right now is looking at situations where you can grow margins and grow earnings with nominal top line. we're looking at areas like reits, airlines,
michael you think interest rates will spike if they don't address the fiscal cliff. >> that's right, it's a ticking time bomb, and it's going to happen. we have an adjustable rate mortgage on our debt and it will reveal the invalolinsolvency of nation. we have 16 trillion in gross national debt, and it's growing by $ 1 trillion ever year. that's 50% of our revenue. >> and you're not hearing any lip on the issue unfurniturely in washington. >> bill, let me ask you about...
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Oct 23, 2012
10/12
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a new cliff. we have obviously the fiscal cliff, the european cliff but today we have the monetary cliff. following the fed or dornt fight the fed, there is an assumption there the fed is an ongoing force of consistent behavior. as we all learned, the natural today's paper mirroring what traders are talk b that is if you are following the election and mitt romney seems to be doing better, that might not be doing better for mr. bernanke with regard to serving this term out and another term that starts in 2014. >> you were on street signs on october 9th and you were very bullish, calling for the s & p to be at 1600 by the end of the year. are you courageous enough to sometime stand behind that? >> mandy, absolutely. thanks for having me again. i do think that we are having a little bit of obviously of a pull back here and we have a lot of weighing going on in the market for a couple of different reasons. one of the big factors, we have investors buying a lot of protection lately. the vix bouncing 27
a new cliff. we have obviously the fiscal cliff, the european cliff but today we have the monetary cliff. following the fed or dornt fight the fed, there is an assumption there the fed is an ongoing force of consistent behavior. as we all learned, the natural today's paper mirroring what traders are talk b that is if you are following the election and mitt romney seems to be doing better, that might not be doing better for mr. bernanke with regard to serving this term out and another term that...
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Nov 29, 2012
11/12
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he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came out with very dovish comments. he lass a permanent vote and he is quite the confidant of ben bernanke. so he flat-out gave a wink-wink, there's something big coming in less than two weeks. >> he's been a dove for a long time though. no change but just to hear it articulated gives you some sense of -- >> it does. this could be a one-two punch. if the fomc comes out with additional measures, subsequent week later, all of a sudden they have the fiscal cliff resolution, bam, we c
he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve,...
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Dec 26, 2012
12/12
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. >> coming up on the show believe it p or not people are cashing in big despite the looming fiscal cliff. the interest rate is hitting all time lows in the housing market. where the best places to buy a home in 2013 are. weather across the country how it is affecting travelers. rick says i may get out my snow shoes. that and more coming up on "fox & friends." or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. when i say site i don't need the soil i mean the internet site. freedom tower.com was bought by a florida man in 1996. now he wants to sell his business freedom tower accounting and with that the web site as well. if you have a hot temper you may live a little longer. >> a new study says people who express their anger instead of keeping it all inside can live up to 2 years long ever. german researchers holding your feelings can damage your health and a range of diseases. >>> just five days from now every single american is going to get hit with five new taxes to pay for obama care. here are a few
. >> coming up on the show believe it p or not people are cashing in big despite the looming fiscal cliff. the interest rate is hitting all time lows in the housing market. where the best places to buy a home in 2013 are. weather across the country how it is affecting travelers. rick says i may get out my snow shoes. that and more coming up on "fox & friends." or you can get out there and actually like something. the lexus december to remember sales event is on. this is the...
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Nov 14, 2012
11/12
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cliff, the prospect that you could have the economy tipped in to recession, the fact that income tax rates could go up on everybody in the country i think that is something that would bolt everybody's attention back -- >> look at the cover of the "financial times" for one today, giant picture of petraeus. hardly any mention of the ceo meetings on the front page. >> right. but i think the ceo meetings are part of the larger fabric that the news conference that we're going to have in a half-hour is also a part of, which is a broad-gauge effort by the administration to try to mobilize support for what it sees as a balanced approach, entitlement cuts plus tax revenue. >> takes us inside the politics of the meeting with the ceos. how does it work? does the president say here's what i'm looking for from you? how does it work inside that room today? >> i think, in part, the president wants to get input from them, but mostly this is from obama to the ceos. he's trying to mobilize them and as nick calio just told sue, they can provide cover for republican members to go with the president. he'
cliff, the prospect that you could have the economy tipped in to recession, the fact that income tax rates could go up on everybody in the country i think that is something that would bolt everybody's attention back -- >> look at the cover of the "financial times" for one today, giant picture of petraeus. hardly any mention of the ceo meetings on the front page. >> right. but i think the ceo meetings are part of the larger fabric that the news conference that we're going...
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Nov 14, 2012
11/12
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. >> of course, with the president and what he had hoped to talk about was the fiscal cliff. let me play a complip lip of pa. >> i'm not for raising tax rates. >> so you won't support a plan? >> i do not support raising tax rates. >> period? >> yeah, i've been saying that my entire career. >> tim, what's your sense? >> i think the republican party has a split and one of the interesting ways you can follow it has to do with what -- john boehner versus paul ryan. boehner is pushing for conference shame, republican congresswoman rogers while ryan is pushing tom price who used to run the conservative caucus in the house. if most of the caucus is getting behind them then it's a sign they'll dig in their heels. if they're going with boehner, it's a sign they'll deal. >> i want to bring in a democrat on both the armed services committee and select committee on intelligence and the fiscal cliff if i might. do you think the republicans will come to play? >> i believe that they will. it's my hope that everyone has gotten the message loud and clear that the american people expect us to
. >> of course, with the president and what he had hoped to talk about was the fiscal cliff. let me play a complip lip of pa. >> i'm not for raising tax rates. >> so you won't support a plan? >> i do not support raising tax rates. >> period? >> yeah, i've been saying that my entire career. >> tim, what's your sense? >> i think the republican party has a split and one of the interesting ways you can follow it has to do with what -- john boehner...
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Aug 13, 2012
08/12
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>> we think fiscal cliff is a major headwind for the market. we think it's bullish for bonds. and main reason of many why interest rates stay low. in addition to unemployment rate way, way too high. >> let's get back to what we were originally talking about. weaker than expected growth in both china and japan, world's number two and three economies here. jason, does this mean that we're just going to look relatively speaking a whole lot more attractive from an equities standpoint or bring us down, as well? >> look. i think on the margin the looks better than many of the international markets including some of the emerging markets on a near term basis. on a longer term basis, we go through the same deleveraging of europe going through and probably seeing weakness because of that. our belief right now is that we are still in a growth scare despite the fact that some indicators picked up a little bit. we are in a growth scare and the markets reflect that. >> where do you hide? where do you not lose money then in the markets? >> so what we have been doing is we have been positioni
>> we think fiscal cliff is a major headwind for the market. we think it's bullish for bonds. and main reason of many why interest rates stay low. in addition to unemployment rate way, way too high. >> let's get back to what we were originally talking about. weaker than expected growth in both china and japan, world's number two and three economies here. jason, does this mean that we're just going to look relatively speaking a whole lot more attractive from an equities standpoint or...
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Nov 9, 2012
11/12
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i mean they said that if all -- if we go over the fiscal cliff, that we might see an unemployment rate spike to above 9%. do you think that that pushes it a little bit for both sides to really get together and get something done? >> well, look. unemployment over9% is definitely an eye opening figure. but i think the folks in washington know this is a bad deal. they know it is a worst case scenario if we go over the fiscal cliff. there are some in both parties who argue that it might be best to actually go over the fiscal cliff for a variety of tactical and ideological reasons but most folks in washington, sort of where the center of gravity is politically, they think the fiscal cliff is a bad idea and they don't need necessarily another report from cbo to underscore that for them. i think what we're seeing now is this opening from boehner and i think it is probably easier now for barack obama to give up on the raising rates idea as long as he's getting more revenue from the republicans. that's probably something that is easier for the president to do in this case than it is for boehner
i mean they said that if all -- if we go over the fiscal cliff, that we might see an unemployment rate spike to above 9%. do you think that that pushes it a little bit for both sides to really get together and get something done? >> well, look. unemployment over9% is definitely an eye opening figure. but i think the folks in washington know this is a bad deal. they know it is a worst case scenario if we go over the fiscal cliff. there are some in both parties who argue that it might be...
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Nov 7, 2012
11/12
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just now a race against the clock to head off the fiscal cliff. already two ratings agencies have wasted no time on this issue today. fitch saying the u.s. needs to fix that debt threat and moody's says it's going to wait before taking any action and maintain its negative outlook on the u.s. economy. one thing is for sure. the stock market is taking the fiscal cliff very seriously. the blue chip average is off the lows but still down sharply at one time today, the dow was down about 369 points. first time we've seen that big of a decline since november 21st of last year. off the lows rights now, the dow down 260 points at 12,985. the nasdaq is down 63 points, a more than 2% decline at 2947. the s&p at this hour is down 28 points right at 1400. let's break down what's behind today's dramatic decline in stocks in today's "closing bell" exchange. we welcome back michael pento, kwint tatro, jeff sika, and our own rick santelli. quint, you believe the market was going to go down either way. why? >> i do. i think this was long overdue. we have been prop
just now a race against the clock to head off the fiscal cliff. already two ratings agencies have wasted no time on this issue today. fitch saying the u.s. needs to fix that debt threat and moody's says it's going to wait before taking any action and maintain its negative outlook on the u.s. economy. one thing is for sure. the stock market is taking the fiscal cliff very seriously. the blue chip average is off the lows but still down sharply at one time today, the dow was down about 369 points....
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Nov 21, 2012
11/12
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. ♪ gerri: well, the irs issuing a warning that if congress does to address theg that if fiscal cliff and the alternative minimum tax passed tens of millions of us could be hit wit a vecry large tax bill. also might not want to be able to file much later, so expect major delays for that refund. a you with more, a co-founder. er i cannot get over this wholev story. st we have the fiscal cliff. part of that, but the irs is saying we're not going to changi our computer program because we really don't know what willor ce .really d't it could be chaos out there. ou >> they are expecting that theyh will sign a patch like they have fin every year, but -- a gerri: and that means the law goes back to what it has been of the past 12 months, and you don't have to pay that. t w many people would be on thes hook? ha will what it means?eople would b >> right now theree are about 4 million infected people, butfr that would go up to 30 some odd million people.on so 28 million people would now be thrust in. if you remember, this was going t be t back to 1969, 1970. to 155 people is what they wanted to
. ♪ gerri: well, the irs issuing a warning that if congress does to address theg that if fiscal cliff and the alternative minimum tax passed tens of millions of us could be hit wit a vecry large tax bill. also might not want to be able to file much later, so expect major delays for that refund. a you with more, a co-founder. er i cannot get over this wholev story. st we have the fiscal cliff. part of that, but the irs is saying we're not going to changi our computer program because we really...
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Nov 30, 2012
11/12
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. >>> up next the senate's top republican latches out loud as the white house averts the fiscal cliff. millions of americans are not finding this partisan fighting so funny. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. buy now. save later. we create easy-to-use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! we knew you needed a platform that could really help you elevate your trading. so we built it. chances of making this? it's a lot easier to find out if a trade is potentially profitable. just use our trade & probability calculator and there it i
. >>> up next the senate's top republican latches out loud as the white house averts the fiscal cliff. millions of americans are not finding this partisan fighting so funny. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference....
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Nov 10, 2012
11/12
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CNN
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. >> on wednesday, i outlined a responsible path forward to avert the fiscal cliff without raising tax rates. about 24 hours after i spoke, the congressional budget office released a report showing the most harmful consequences of the fiscal cliff come from increasing tax rates. >> what speaker boehner did not mention was the cbo report said raising the top rate would only shave 1% of 10% off economic growth and only temporarily. those were the two open conditions in washington's showdown since the disaster. budget negotiators reconvene next week to try, in the words of one aide, to assess where they are. that's what puts republicans where they are in election 2012. it depends on who you ask or how you ask the question, what happened on tuesday night? gop strategist mary matalin, and david fromm, author of "why romney lost and what the gop can do about it." president obama and speaker boehner have said a lot of right things talking about compromise and cooperation, but on taxes, it seems the gap between the two sides is as big as ever, doesn't it? did the election not change anything?
. >> on wednesday, i outlined a responsible path forward to avert the fiscal cliff without raising tax rates. about 24 hours after i spoke, the congressional budget office released a report showing the most harmful consequences of the fiscal cliff come from increasing tax rates. >> what speaker boehner did not mention was the cbo report said raising the top rate would only shave 1% of 10% off economic growth and only temporarily. those were the two open conditions in washington's...
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Dec 21, 2012
12/12
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the problem, though, is that the economy sill is vulnerable to the fiscal cliff. tax rates are going to jump significantly on january 1st if nothing is done quickly and that would cause, we think if it lasted, a contraction in the first quarter. >> so contraction in the first quarter. are you speccing a recession? >> we are not. we still think some deal will be reached in the next couple of weeks. and that scenario we think is going to grow 1.5% to 2 the% in the next year. but the risk of no deal is obviously rising. we still think hal happen, though. rick santelli, what r saying there in chicago? the market was down, but the volume was up big. >> maria, like i think the first guest, i would rather impressed by the fact that we're down 119 and we're done much more in the wee hours of the morning after that vote failed and the i was as shock as all of guests were. next year, it's going to be the same. no matter how this fiscal cliff gets resolved, we would be job challenged. and i continue to think a bright spot is going to be energy. i think energy is an industry
the problem, though, is that the economy sill is vulnerable to the fiscal cliff. tax rates are going to jump significantly on january 1st if nothing is done quickly and that would cause, we think if it lasted, a contraction in the first quarter. >> so contraction in the first quarter. are you speccing a recession? >> we are not. we still think some deal will be reached in the next couple of weeks. and that scenario we think is going to grow 1.5% to 2 the% in the next year. but the...
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Nov 18, 2012
11/12
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cliff. >> raising tax rates will slow down our ability to create the jobs that everyone says they want. >> what i'm not going to do is to extend bush tax cuts for the wealthiest 2% that we can't afford. >> gosh, that doesn't sound like you all are anywhere closer to a deal now than you were prior to the election. congressman price, where is there room for compromise here? >> there is certainly room for negotiation on a real solution, and a real solution includes both revenue increases and spending reductions. the reason we have concern about what the president is talking about and what my friends on the other side of the aisle have talked about is that it doesn't solve the problem. if we take the president's deal, you know how many days that pays for. eight days. not months. eight days. we neat to look at increasing revenue through pro-growth policies. >> not through tax hikes, correct? >> that means broadening the base, limiting the deductions, limiting the credits, and making certain that we identify the appropriate spending reductions so that we have, indeed, a balanced approach. >>
cliff. >> raising tax rates will slow down our ability to create the jobs that everyone says they want. >> what i'm not going to do is to extend bush tax cuts for the wealthiest 2% that we can't afford. >> gosh, that doesn't sound like you all are anywhere closer to a deal now than you were prior to the election. congressman price, where is there room for compromise here? >> there is certainly room for negotiation on a real solution, and a real solution includes both...
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Sep 13, 2012
09/12
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the fiscal cliff is really what's -- we don't have a tax policy next year. what are the rates? we don't know what the spending policies of the government are. are they going to sequester? that's in the minds ofs bypeople all across the country. so i think the fed is doing everything they can with the toolbox they've got given the other part of the government, the congress, in particular, is not doing their job. >> all the same. if you've got draghi doing his thing in europe and if there are come promees speculate on the hill why not let this one go and maybe revisit it later in the year? >> i think you saw the job numbers today. you obviously saw it before they came out. he talked about it, as you say, a few weeks ago. think to do it at the next meeting, so right on top of the election. you know, we all know that fed actions do have a delayed effect. the longer they wait, then they even gotten the tale until it actually impacts. i think with unemployment where the chairman's made it clear that he wanted to do something. now, can he deliver everybody? i assume so, but we'll see
the fiscal cliff is really what's -- we don't have a tax policy next year. what are the rates? we don't know what the spending policies of the government are. are they going to sequester? that's in the minds ofs bypeople all across the country. so i think the fed is doing everything they can with the toolbox they've got given the other part of the government, the congress, in particular, is not doing their job. >> all the same. if you've got draghi doing his thing in europe and if there...
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Dec 9, 2012
12/12
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so he is saying, ok, by the end of this year, to get a deal to avoid the fiscal cliff, let rates go up for top earners. and then i'm willing to be flexible and revisit the changes to medicare and social security. and also i'm willing to bring those rates back down to somewhere in between the 35% where they are now and the 39.6% that that they would go up to. >> is the feeling in the white house, sure, we'll do that because republicans will get the blame? the pugh survey came out indicating who would get the blame if you do go over the cliff. squarely against the republicans. they would more likely get the blame. that's what you heard as bob pointed out from senator durbin as well, that they would own the recession that would follow. >> i don't know how that ends up playing out. but i think when you talk about the feeling at the white house, there's a palpable difference now compared to 2011, the summer of 2011. they are so much cockier right now at the white house than they were a year and a half ago when they were doing this. they really believe they have set out, we're not going to n
so he is saying, ok, by the end of this year, to get a deal to avoid the fiscal cliff, let rates go up for top earners. and then i'm willing to be flexible and revisit the changes to medicare and social security. and also i'm willing to bring those rates back down to somewhere in between the 35% where they are now and the 39.6% that that they would go up to. >> is the feeling in the white house, sure, we'll do that because republicans will get the blame? the pugh survey came out...
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Dec 8, 2012
12/12
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but you can see the pieces coming together, as you laid out, on the fiscal cliff. some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not at all clear that the republicans will agree to including a debt limit increase in that kind of package. if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the obama administration, the white house has been very clear, they will not sign anything, even to get past december 31st. that doesn't include a debt ceiling of some sort. so do you think they can hold firm on that if republicans offer them a package that doesn't include the debt ceiling? >> this is where i think the tension is now arising, which is even if you have some agreement over the tax rates which will jam the republicans a bit, can you jam them on the debt limit also. i think the concern will be an administration overstepping or overreaching and trying to jam a debt limit inc
but you can see the pieces coming together, as you laid out, on the fiscal cliff. some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not at all clear that the republicans will agree to including a debt limit increase in that kind of package. if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the...
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Dec 8, 2012
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no ifs, ands or buts on that specific aspect of the fiscal cliff. >> with respect to the tax rates, i want to emphasize, i am open to new ideas. i'm not going to slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> that's not a no. here is the treasury secretary timothy geithner. >> there's no agreement that doesn't involve the rates going up on the top 2%. >> not necessarily going up to the clinton era rates. just going up. today at a press conference at the capital, boehner got a question about this. listen carefully to how he responded or didn't respond. >> you did speak with the president earlier this week. can you characterize this call? and also we understand that he just is making clear that it's got to be increasing rates for the wealthy or no deal. are you willing to give a little bit? maybe just not all the way to 39.6? >> the phone call was pleasant, but just more of the same. the conversations that the staff had yesterday, just more of the same. it's time for the president, if he's serious, to come back to us with a counteroffer. >> not a
no ifs, ands or buts on that specific aspect of the fiscal cliff. >> with respect to the tax rates, i want to emphasize, i am open to new ideas. i'm not going to slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> that's not a no. here is the treasury secretary timothy geithner. >> there's no agreement that doesn't involve the rates going up on the top 2%. >> not necessarily going up to the clinton era rates. just going up. today at a...
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Dec 3, 2012
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to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the american economy is doing exceptionally well, then there will not be an agreement. >> but house speaker john bigger is digging in himself, admitting talks are going nowhere. speaker boehner also described the moment when secretary geithner first showed him the president's opening offer. >> i was just flabbergasted. i looked at him and said, "you can't be serious." i've just never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. right now i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole entire time. >> wha
to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the american economy is doing exceptionally well, then there will not be an agreement. >> but house speaker john bigger is digging in himself, admitting talks are going nowhere. speaker boehner also described the moment when secretary geithner first showed him the president's opening offer. >> i was just flabbergasted. i...
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Nov 29, 2012
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no matter what happens on the fiscal cliff. and is another bailout nation on the way? student loans up to $1 trillion, huge delinquency rates, default rates going sky high, no credit standards and sky high tuition. sound likes a real bad story to me. ceos have just wrapped up their meeting with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white house emphasized that marge al rates as a matter of math and politics have to go up somewhat, if not all the way to 31.6 had to go up and as p he said as a necessary ingredient of a deal, he would support such a rate. >> the president said we would pursue our own interests. i'm not -- i'm certainly not insisting, i don't even desire higher rates. i think there lab drag if revenue goes up and rates go up. but i think there will also be a drag on the american economy if our budget deficit widens out forever, if we're irresponsible and governor doesn't work. left with those four choices,
no matter what happens on the fiscal cliff. and is another bailout nation on the way? student loans up to $1 trillion, huge delinquency rates, default rates going sky high, no credit standards and sky high tuition. sound likes a real bad story to me. ceos have just wrapped up their meeting with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white...
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what we need to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of things. we have to be realistic about what can be achieved before the end of the year and we have to build to achieving a grand bargain in 2013. >> steve, last year, we know how close everyone got and we also know that the president commission has been involved in all those people to come to a fix for our long-term problems. now, they came up with 28% as a tax rate. they came up with three to one in terms of spending cuts. the president is nowhere near embracing that at this point. we're so far from that at this point that it seems like the opportunity was mittsed last year. >> right now, the presid
what we need to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of...
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Nov 21, 2012
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>> i thought i had to deal with the fiscal cliff, but undressing. >> you will. it's got like a stripy thing going on. >>> let's get an outlook on the markets. right now we have daniel from tjm institute. we've been watching what happens with the futures every day. a lot of concerns about the fiscal cliff, is that the biggest issue driving things right now? >> the fiscal cliff is the driving issue right now. a little fear from europe. the market came off. that is in the background. as long as we're seeing things move forward, but not negative on the fiscal cliff, i think you'll see the market bounce against this 87 and 90 level. any hint of a compromise, yo ur goi you're going to break the 1,400 level. >> okay. 20 to 22 area. every time these talks come in, though, we know it's going to be a lot of turbulence between now and let's say the middle of december or some time, that'd be the earliest. are you following every single trade? are you thinking eventually there'll be a deal that gets done? >> i think eventually there will be a deal that gets done. and i kind
>> i thought i had to deal with the fiscal cliff, but undressing. >> you will. it's got like a stripy thing going on. >>> let's get an outlook on the markets. right now we have daniel from tjm institute. we've been watching what happens with the futures every day. a lot of concerns about the fiscal cliff, is that the biggest issue driving things right now? >> the fiscal cliff is the driving issue right now. a little fear from europe. the market came off. that is in...